View all text of Chapter 65 [§ 3901 - § 3906]
§ 3904. Securities laws
(a) Ownership interest of members in risk retention groups
The ownership interests of members in a risk retention group shall be—
(1) considered to be exempted securities for purposes of section 5 of the Securities Act of 1933 [15 U.S.C. 77e] and for purposes of section 12 of the Securities Exchange Act of 1934 [15 U.S.C. 78l]; and
(2) considered to be securities for purposes of the provisions of section 17 of the Securities Act of 1933 [15 U.S.C. 77q] and the provisions of section 10 of the Securities Exchange Act of 1934 [15 U.S.C. 78j].
(b) Investment companies
(c) State blue sky laws
(Pub. L. 97–45, § 5, Sept. 25, 1981, 95 Stat. 952.)